The Parex Advantage

Cabrestero: Waterflood & Exploitation Basin: Southern Llanos Cabrestero Operator: PXT A W.I.: 100% ☐ Focused on pressure management, minimizing decline & near-field exploration Current development plan includes down spacing and waterflood injection Flattens decline rate and accelerates oil recovery Facility expansion ■ Expansion of current capacity from 30 kbfpd to ~120 kbfpd in 2023 ■ Near-field exploration opportunities In 2022 executed a near-field exploration discovery in a new play Near-field successes can be immediately tied into existing facilities PRODUCTION & CAPITAL FORECAST PROFILE (NET)(1) 5 11 $30 2020A $70 2021A $155 2022A 13 $80 2023F 12 10 $10 $0 2024F 2025F Capital Expenditures ($MM) (2) Production (kboe/d) (1) After 2023F, budgets and forecast have not been finalized and are subject to a variety of factors, including prior year's results; see "Forward-Looking Statements and Financial Outlook" advisory. (2) Non-GAAP financial measure; see advisory. 30 30

View entire presentation